Oil production in North Dakota from horizontal wells rose by less than 1% m-o-m in February, to 1.05 million b/d. Natural gas output increased by 2% to 2.8 Bcf/d. Only 63 new horizontal wells came online in the first 2 months of this year, compared with 180 in 2020 and 68 in 2021 during the same period.
Despite surging prices to the highest in almost a decade, horizontal permitting activity still lags behind pre-COVID levels.
Tight oil production in the Eagle Ford has fallen by over 50 thousand b/d since September, and came in at close to 1.05 million b/d in February, the lowest output in 12 months (Hz. wells only, after upcoming revisions). Natural gas production in February was close to a 12-month high, at over 6.0 Bcf/d.